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  • traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces. mostly rural and farm based countries use this
  • market economy are economic decisions and pricing of goods. services are guided solely by the aggregate integration of a countries people and businesses.
  • command economy is an economy which production, investment, prices and incomes are determined centrally by a government
  • mixed economy is an economic system combining private and public enterprise 
  • profit economy is a financial gain, this can be from investment or revenue.
  • freedom of choice is freedom of economic agents to allocate their resources as they see fit among the options (such as goods, services, or assets) that are available to them
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